A competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates. competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates.
Only when the annuitant begins to withdraw money from the annuity, he has to pay tax on his gains. Annuitiy holders must be advised of the risks of deferred income taxes when they agree to accept an annuity contract. In the event of the death of the annuitant, the beneficiary is subject to tax.
What is the tax treatment for family pension received by the legal heirs of a deceased employee. It will be taxable under the head âincome from other sourceâ .under section 57(iia) a standard deduction shall be allowed to the legal heir @33.333% of such pension or Rs.15,000, whichever is less.hat is the tax treatment for family pension received by the legal heirs of a deceased employee. It will be taxable under the head âincome from other sourceâ .under section 57(iia) a standard deduction shall be allowed to the legal heir @33.333% of such pension or Rs. 15,000, whichever is less.